Basilcally it has already been done. The ELP turntable is a optical system that can be seen as a linear guided scanning system.
The big problem on a optical system is always reflectivity, and since the phonographic records hasn't been invented for optical but mechanical scanning, it's kinda hard to do it.
The big problem going in this optical way is to digitize a 3d image. A kind of evoluted scanner like the one we all use for photos or ocr doesn't seems appropriate to me, because the information is placed at 45 degrees. What will be useful can be a sort of scanning pen that can follow the groove and scan the groove (two pen, two channels), then send the data on a serial/parallel/usb/firewire/whatever port and then the software side of a OSR (Optical Sound recognition) can start.
I see this approach very problematic; a record is a 3d element, not a 2d.
BTW, it should be possible to do the same with a ELP turntable, just place a port after the optical pickup and connect it to a pc.
Intriguing.